Which Idea is more Viable?

Have you ever been in a situation where you had several different business ideas but were not sure which one to pursue? The big question is, “Which idea is more viable?” choice

  • Step One: Look at each of your ideas on an individual basis.  Next, dissect each idea into categories.  Breaking down the product or service will help you to see the complete picture.  The first category to consider is strength.  What are the strengths of the product or service?   It is important to look at it from the client’s perspective and ask, “Why would someone buy this product or use this service?”  If you can only come up with a few strengths and reasons why someone would buy it, then the viability of this product or service is limited.  
  • Step Two: Consider the weaknesses.  What can go wrong?  This process should include steps that need to be taken to ensure that you can bring this product or service to the market place.  Part of this process should include what type of structures you have to put in place to make this happen.  Structure ensures that a business will continue to be on track and consistent.  If you find that too many things can go wrong and that trying to put a structure in place might be difficult, then you should reconsider the idea. You may also find that some of your ideas complement each other and can be tied together.  This can be a good thing.  You could start with one idea and then add the others in as you grow the business.  
  • Step Three: Take into consideration how much it is going to cost you to implement each idea.  This could be a big deciding factor in which idea you pursue first.
  • Step Four: Define your target market.  Who is going to buy your product or use your service? Today we have many different skill sets and a wide variety of opportunities available at our fingertips.  What worked yesterday might not work today, but what worked a few years ago might be just the ticket in today’s economy.
  • Step Five: Factor in the economic climate.  Is this a good time to sell the product or service?  It is important to examine the trends and consider demographics.

Yes, there is a lot to consider.  If you want to talk more about your ideas call Halton Region’s Small Business Centre and book a free consultation.  We are here to help you as you take the first steps towards opening a business.One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about Halton Region’s Small Business Centre resources, services, including our Access to Professionals program, and how we can help direct you to the right resources, contact us by dialing 311, 1-866-442-5866, online at www.haltonsmallbusiness.ca, smallbusiness@halton.ca or visit us at 1151 Bronte Road, Oakville.

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